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circular  letter 
Conf  Pam  l2mo  #151 

D*m3AAA03 


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CIRCULAR    LETTER. 


REGULATIONS  in  relation  to  resuming  the  purchase  of  Cot- 
ton. 

TREASURY  DEPARTMENT,  C.  S.  A., 
Richmond,  March  6,  1863. 

Sir:  You  are  hereby  directed  to  resume  the  purchase  of 
cotton  recently  suspended  by  my  order,  for  the  purpose,  if 
possible,  of  reducing  its  price,  by  the  temporary  withdrawal 
of  the  government  from  the  market.  Until  furthMpstructed, 
you  will  pay  the  curr<  n't  market  prices,  if  it  cannot  be  ob- 
tained for  lei 

For.  all.  purchases,  from  the  subscribers  to  the  produce 
loan,  and  to  the  extent^their  subscriptions,  and  no  further, 
you  are  authorized,  under  the  act  of  Feb.  20th  ult.,  a  Qppy. 
of  which  you  will  find  enclosed,  to  mRe  payment  in*e 
per  cent,  bonds,  and  for  purchases  from  other  parties  and 
from  subscribers  for  the  excess  above  their  subscriptions, 
payment  will  be  made  in  seven  per  cent,  bonds. 

All  purchases  made  up  to  this  time,  whether  from  sub- 
scribers to  the  produce  loan  or  not,  will  be  paid  for  in  eight 
per  cent,  bonds. 

The  one  hundred  million  loan  having,  been  exhausted, 
new  bonds  of  both  classes  will  have  to  be  prepared,  and  in 
the  mean  time,  in  making  your  purchases,  you  will  issue  the 
certificates,  with  which  you  will  be  supplied,  provided  iov  in 
section  4,  of  the  act. 

You  will  be  careful  to  show  in  your  reports  in  each  case, 
whether  the  purchase  has  been  made  from  a  subscriber  to 
the  produce  loan,  and  if  for  more  than  his  subscriptions,  you 
will  please  note  the  excess. 

I  am,  very  respectfully, 

C.  G.  MEMMINGER 


Secretary  of  Treasury. 


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